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A$ Back Sub 0.6700 On CPI Miss


AUD/USD has faltered following the Feb CPI miss (6.8% y/y, 7.2% y/y forecast). The pair is back below 0.6700, last around session lows near 0.6685/90. The pair now sits around 0.30% off NY closing levels. Recent lows in AUD/USD come in around the 0.6635/40 region from the start of the week and 0.6625 at the end of last week.

  • With signs that headline inflation is peaking, the case for the RBA pause next week is certainly heightened.
  • AU yields are lower post the release, with the AU-US 2yr government bond yield spread back to -113bps, we opened around -109bps. The A$ is underperforming against the rest of the G10 (except for JPY). AUD/NZD is back to the 1.0690/95 region, we were above 1.07 prior to the data.

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